Seems to be a lot of new post's talking about inheritance!

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For one thing many states and even some local couties and regions have different laws concerning what happens to your possesions after you've passed on. The most important thing is to contact an atorney in your area. Do not listen to numerous individuals that say one thing or another without knowing the laws in your area and/or what you may or may not leave to who.
Note the many instances of wills being contested by relatives due to the slightest irregularities. On a will or any document today a missing letter, misplaced number, forgotten page number, etc. could be grounds for a wills contesting.
For one thing, look into a thing called a living trust. This is a lot more complicated than a will but much, much less possible to contest. Also, it in most instances ignores many taxes.
A really smart thing to look into is to know who you want to leave what to and have them ready for an emergency. What I mean is if you have a Son, Daughter, or whoever that you want to leave you coins to, show them where they are kept, if in a safe deposit box, add thier name to that box if allowed. this way, just in case, they can confiscate such items without anyone else being involved.
The same for IRA's, checking and/saving accounts, etc. IF you trust a certain individual for acquiring your estate, make sure they have a method of taking it in an emergency and also make sure others are not aware of this. However, a living trust will normally require you to document all such valuable items.
Things get really complicated when you have items with your name on the titles such as a house, cars, land, planes, etc. These too must be looked into carefully by an attorney for laws in your state, county, city, etc.
Numerous other items you consider valuable, many others may not. Such as oil paintings, furniture, model cars, train sets, and/or other hobby items. Such items constantly end up in flea markets, yard/garage,estate sales due to lack of documentation as to what should be done with those items.
An attorney in such instances is a must.
I'll just give everything to a dog or car hosptial before I go.

 

Thanks for the replies and PM's....I appreciate everyone's experiences.

Most of you know that my Son will inherite my collection one day...I am researching a Living Trust for this and my concern lies within the execution of this Trust.
The question I have is if I turn over 100K collection to a Trust, whats to say that someone will walk away with it instead of making sure young AJ receives it at the ripe age of 28yrs?

If I am dead and gone...how can I be confident in the execution? What if the organization is no longer extant?

RickieB

 

Rickie like JustCarl said , best way is to consult an attorney in your area , a lot will give a free initial consult , it's the safest way to see that your wishes are respected .
rzage

 

Pretty sure the collection doesn't actually leave your possesion. Collections and the like can be transfered via a will says he can have everything in the safe or sdb. This would be a great question to ask an atty.

 

Well my grandfather is still alive. He decide to give me his coins before he passed. He really did not have a collection as to he just saves every coin he has every gotten in change. He gets brand new rolled coins from the bank every time he goes. so we are talking a lot of coins. so when he gave them to me i wanted to learn more about them. So now we spend a lot of hours together learning about coins it has really brought us closer and now i am really into collecting. So i would say if you want to give them to somebody do it before you die and teach them about coins it has changed my life forever.

 

That part I am doing...but there are no more coins...LOL It's all Paper Money.
I will ask these and many other remarks made in this thread so that I can make the best decision...my only hope it that I get to give them to him myself at age 28....Lord willing

RickieB

 

Don't worry Pop, you'll make it.....

 

gOODNESS, gREENIE. yOU FORGOT TO REMIND HIM OF OUR 28TH BIRTHDAY...
nEXT WEEK.

yOUR lOVING TWIN BROTHER.

 

Rickie, I asked this very question a few years back and I think it was Doug that referred me to a book called The Collectors Handbook, by James Halperin. This book is rather small, but its VERY thought provoking and helped me set up my estate in a way that I feel comfortable with. ie.. Gave me the questions that I needed to ask both myself and my attorney. When the light on my candle ceases to be warm I know what is going to happen, how long its going to take and where things will end up. My initial thought process was a little different than yours however in that I have two daughters, (both adults now) that have as much interest in my coins as getting a frontal lobotomy. So my collection will be sold. Finding a person that you can TRUST is crucial. If you want to read the book, send me your addy in a PM and I will be happy to send it to you. Like I said, it doesn't contain the answers, but it does make you ask the right questions.